What is KiwiSaver?

KiwiSaver is a voluntary savings initiative designed to encourage New Zealanders to save for retirement.

What are the benefits?

$1,000 kick-start payment. This is a one-off payment from the Government paid into your KiwiSaver account three months after you first join. Everyone who joins KiwiSaver gets this $1,000 payment.

A member tax credit of up to a maximum of $521 per year (the equivalent of $10 per week) for members who are over 18, residing in New Zealand, and not yet entitled to withdraw from KiwiSaver. This is paid at 50 cents for each dollar you contribute, so you need to contribute at least $1,042.86 per year (the equivalent of $20 per week) to receive the maximum amount. For conditions and details go to our member tax credit page.

3% compulsory employer contribution for members who are contributing through their jobs and who are over 18 and not yet entitled to withdraw from KiwiSaver. Some employers who are already paying into other eligible superannuation schemes may not be required to contribute to their employees' KiwiSaver accounts.

We’ll contact Inland Revenue to update your records and to notify your employer if this is your first time in KiwiSaver.

We’ll contact your old provider and arrange a transfer of your money.

We’ll set you up with an online account so you can track your contributions and your investments.

How much do I need to contribute?

Members who are employees will contribute at the minimum contribution rate of 3% or at a rate of 4% or 8% of their salary. Once you have been a member of KiwiSaver for 12 months you can apply to go on a contributions holiday. If you go on a contributions holiday you are no longer entitled to the compulsory employer contribution.

Members who are self employed or not employed can choose how much and how often they contribute.

Savings in KiwiSaver accounts can’t be withdrawn until you reach the age of eligibility for NZ Super which is currently 65 or, if you joined KiwiSaver after you turned 60, once you have been in KiwiSaver five years.

If you are going to buy your first home, you may withdraw some of your KiwiSaver savings to put towards it. If you have owned a home before you may still be eligible to withdraw your savings in some circumstances.